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El motivo precautorio en la demanda de saldos reales: un enfoque ortodoxo

Author

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  • Martínez-Venegas, Francisco

    (Escuela Superior de Economía del Instituto Politécnico Nacional)

  • Vargas-Avendaño, Blanca Lilia

    (Escuela Superior de Economía del Instituto Politécnico Nacional)

  • García-Meza, Mario Alberto

    (Escuela Superior de Economía del Instituto Politécnico Nacional)

Abstract

En la presente investigación analizamos la demanda de dinero por motivo precautorio como una decisión de un consumidor racional. Siguiendo a Whalen (1966), un consumidor demanda dinero para enfrentar gastos inesperados debido a que no se realizan los ingresos esperados. Dado que el patrón de ingresos y gastos no se conoce con certeza, es posible que los gastos excedan a los ingresos por una cantidad impredecible, durante un periodo determinado. En este caso es necesario que el consumidor retenga cierta cantidad (óptima) de dinero en efectivo. La incorporación de este tipo de demanda de dinero en el proceso de maximización de utilidad de un consumidor racional implica que la demanda de dinero no sólo depende de la tasa de interés real sino también un parámetro que expresa la ansiedad del consumidor ante la eventualidad de enfrentar gastos inesperados./ This paper analyzes the demand for money for precautionary reasons as a decision from a rational consumer. Following Whalen (1966), a consumer demands money to face unexpected expenses because the expected income is not realized. Since the pattern of income and expenditure is not known with certainty, it is possible that the expenses exceed the income by an unpredictable amount, during a certain period. In this case, it is necessary for the consumer to retain some (optimal) amount of cash. The incorporation of this type of money demand in the process of the utility maximization of a rational consumer implies that the demand for money depends not only on the real interest rate but also on a parameter that expresses consumer anxiety in the event of facing unexpected expenses.Classification-JEL: E41, E43, D11.

Suggested Citation

  • Martínez-Venegas, Francisco & Vargas-Avendaño, Blanca Lilia & García-Meza, Mario Alberto, 2017. "El motivo precautorio en la demanda de saldos reales: un enfoque ortodoxo," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 12(46), pages 7-20, Primer se.
    • Handle: RePEc:ipn:esecon:v:12:y:2017:i:46:p:7-20
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    References listed on IDEAS

    as
    1. A. C. Pigou, 1917. "The Value of Money," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 32(1), pages 38-65.
    2. William J. Baumol, 1952. "The Transactions Demand for Cash: An Inventory Theoretic Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 66(4), pages 545-556.
    3. Edward L. Whalen, 1966. "A Rationalization of the Precautionary Demand for Cash," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(2), pages 314-324.
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    More about this item

    Keywords

    demanda de dinero; motivo precautorio; consumidor racional./ money demand; precautionary motive; rational consumer.;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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